Tax deductions

Bill that would allow legal Missouri marijuana businesses to take advantage of tax deduction advances — Greenway Magazine

On Wednesday, an alternative version of a bill introduced by Sen. Denny Hoskins, R-Warrensburg, that would allow an income tax deduction for certain expenses related to operating a medical marijuana business was passed by the House Select Committee on Government Oversight. It is now going before the House Committee on Administrative Oversight. Language in SB […]

Tax laws

BURS strengthens tax laws » TheVoiceBW

The Botswana Unified Revenue Service (BURS) is undertaking some key activities which are expected to accelerate the operational efficiency of BURS in collecting tax revenue. In a recent media briefing, Finance and Economic Development Minister Peggy Serame said some of these activities include reviewing tax legislation. “We are undertaking a comprehensive review of the Value […]

Tax code

April is a reminder that a racially fair tax code is possible

This month, millions of Americans filed taxes. For many, tax season is little more than a burden or an annoyance – just one more thing to cross off the to-do list. But as leaders of organizations who fight for marginalized communities every day, we see our country’s notoriously complicated tax system as the main driver […]

Tax laws

New Tax Laws in Puerto Rico Are Attracting Crypto Influencers

4,000 companies relocated to Puerto Rico Puerto Rico hosted cryptocurrency conferences and set up beginner courses for locals to learn the basics The island is prone to many natural disasters, for example Hurricane Maria The most recent Times article calls Puerto Rico one of the most memorable digital currency networks in the world. Are they […]

Tax deductions

Removing the cap on state and local tax deductions is the wrong answer to dwindling donations in high-tax states

When Congress passed the Trump administration’s sweeping tax legislation in 2017, many supporters of the law believed its provision limiting deductions for state and local taxes would indirectly encourage charitable giving by wealthier taxpayers. The thought was this: Affluent taxpayers in typically Democratic large states with the highest donations, like New York and California, faced […]

Tax laws

Crypto influencers move to Puerto Rico due to tax laws. Positive?

The last The Times article qualifies Puerto Rico as “the home of one of the world’s premier cryptocurrency communities”. Are they exaggerating or are they onto something? Apparently, favorable tax laws brought “10,000 well-heeled American migrants” to the island. Of these, “approximately 3,000 of the arrivals are newly minted cryptocurrency millionaires” and “approximately 4,000 businesses […]

Tax laws

The new tax laws for nonprofit organizations will put them in a constant state of anxiety.

Some of the changes made through Budget 2022, which have profound and serious implications for the nonprofit sector, have gone largely unnoticed. If the part of the economy that receives foreign funding has been squeezed by regulation in recent years, now is the time for domestic groups to feel the heat as well. Some of […]

Tax deductions

Brown introduces bill to increase tax deductions for educators

Press release U.S. Sen. Sherrod Brown (D-OH) recently hosted a press conference call to discuss his efforts to quadruple the amount educators can deduct from their taxes for class fees. Brown and Representative Anthony Brown (MD-04) introduced the Educator Expense Deduction Modernization Act, 2022 this week. The current teacher deduction is $250, far less […]

Tax laws

Unilateral tax laws violate taxpayers’ rights to fair administration

Problematic tax legislation is causing irreparable damage to exporters’ cash flow and the local economy, as one-sided anti-taxpayer laws continue to stifle growth and deter foreign investors. Shortcomings in the country’s Value Added Tax (VAT) law regarding VAT audits have resulted in the endless withholding of VAT refunds, violating taxpayers’ constitutional rights to fair administration. […]

Tax code

Polis signs bill to simplify Colorado’s tax code | Colorado

(The Center Square) — Gov. Jared Polis on Thursday signed a bill that makes several changes to Colorado’s tax code. The bill, Senate Bill 22-032, prohibits local jurisdictions from charging fees for general business licenses to retailers who already hold a standard license and requires the Department of Revenue to consult with business owners to […]

Tax code

Biden’s proposals would fix a tax code that coddles billionaires – ITEP

Billionaires can afford to pay more of their income in taxes than teachers, nurses and firefighters. But our tax code often allows them to pay less, as evidenced by the last talk ProPublica reporters using IRS data. According to their calculations, Betsy DeVos, Education Secretary under former President Donald Trump, received an average of $112 […]

Tax laws

Russia to Include Cryptocurrencies in Updated Tax Laws

Russia to Include Cryptocurrencies in Updated Tax Laws New Tax Rules Could Make or Break the Way for Wider Crypto Adoption in Russia By Shashank Bhardwaj Image: Shutterstock Jhe federal government of Russia would have proposed a bill in the State Duma (lower house of the Russian parliament) establishing rules for the taxation of cryptocurrency […]

Tax regulations

Compliance with tax regulations increases in the first quarter

DUBAI At its second meeting of the year, the Board of Directors of the Federal Revenue Authority (FTA) – chaired by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Governor of Dubai, Deputy Prime Minister, Minister of Finance and Chairman of the AFC Board of Directors – adopted the AFC annual accounts […]

Tax laws

WazirX establishes its headquarters in Dubai to escape India’s heavy tax laws

WazirX establishes its headquarters in Dubai to escape India’s heavy tax laws WazirX moved its headquarters to Dubai due to heavy tax laws. India has issued a 30% crypto tax and 1% tax deductions on crypto exchanges. Dubai is a hub for cryptocurrency innovators and influencers with relaxed digital asset trading laws. WazirX, India’s largest […]

Tax regulations

United Arab Emirates: Tax compliance increases in the first quarter – News

The number of persons subject to VAT increased to 367,157 during the January-March quarter compared to 358,468 in the same quarter last year Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Governor of Dubai, Deputy Prime Minister, Minister of Finance and Chairman of the FTA Board, issued guidelines to maintain the pace of upgrades […]

Tax code

This is what the rules might look like

Over the past few months, the standoff between the Central Bank of Russia (CBR) and the country’s Ministry of Finance over crypto regulation has become the top regulatory conspiracy for the Russian crypto community to follow. Simultaneously, however, another important legislative development has been going somewhat under the radar: negotiations around changes to the tax […]

Tax code

Russia changes tax code to make it easier for foreign companies to pay in rubles

An employee holds 1,000 Russian ruble banknotes at the Goznak printing house in Moscow, Russia July 11, 2019. REUTERS/Maxim Shemetov/File Photo Join now for FREE unlimited access to Reuters.com Register April 20 (Reuters) – Russian lawmakers on Wednesday passed an amendment to the tax code which they say would make it easier for foreign companies […]

Tax code

Simplify the tax code to solve the IRS mess

JThe deadline for filing federal income taxes this year is April 18. Hopefully your return is simple and you won’t need help from the Internal Revenue Service. The tax agency has been plagued by abysmal phone service, piles of unopened mail, backlogged processing of returns, and an increasing number of taxpayer disputes, such as describe […]

Tax laws

Market enabler tax laws have arrived, as has “build versus buy”

Now that market enabler tax laws are in place in the US, EU and a growing number of countries around the world, the question remains as to how these platforms can actually achieve tax compliance at scale. What new technologies and services can online marketplaces adopt to meet new consumer tax obligations? While the policies […]

Tax deductions

SCOTUS Eliminates SALT Cap Challenge That Limits Tax Deductions in New York, Maryland

NEWYou can now listen to Fox News articles! The Supreme Court on Monday denied an appeal by several states challenging the cap imposed by Congress on state and local taxes that can be deducted from federal taxable income. New York led a group including Connecticut, New Jersey and Maryland to try to remove the 2017 […]

Tax deductions

5 last-minute tax deductions and credits (TurboTax)

Today, April 18, 2022, is tax day. If you’re one of the filers still struggling to get your paperwork in order, be sure to watch the video above. CPA and TurboTax expert Lisa Greene-Lewis reviews some of the most important tax deductions that people often overlook. Video transcript: Tracy Byrnes: Alright, as you prepare your […]

Tax code

Worker warns Brits to check tax code after losing £9,000 in overpayments he can’t recover | Personal finance | Finance

Reddit user “Scoggy” shared their story earlier this year on the personal finance forum, where Britons can ask questions and discuss their financial situation. Scoggy only realized they had paid thousands of dollars in income tax when they finally checked their tax code. They summed up their problem: “I have simple PAYE tax cases and […]

Tax deductions

2022 tax deductions for employees working from home

Did you know that approximately 26% of Americans are working from home in 2021? And this number is expected to remain relatively stable over the next few years. In fact, about 22% of the U.S. workforce is expected to work remotely through 2025, according to freelancing platform Upwork. If you were part of the displaced […]

Tax laws

Kansas changes property, sales and income tax laws

April 14, 2022 2:39 p.m. Job : April 14, 2022 2:39 p.m. Updated: April 14, 2022 3:07 p.m. Picture KOAM TOPEKA, Kan. – The governor of Kansas signs a tax reduction bill, making property tax changes for certain residents. Kansans are feeling the impact of pandemic-induced inflation. So today we reduced property taxes. Our tax […]

Tax laws

The Wayfair Decision: How Technology Is Changing State Tax Laws | Bowditch and Dewey

The decision of the Supreme Court of the United States in South Dakota vs. Wayfair, Inc. 138 S.Ct. 2080 (2018) has changed the way businesses think about state tax compliance. In Wayfair, the Court upheld a South Dakota sales tax law that required out-of-state online sellers to sell goods or services worth more than $100,000 […]

Tax code

To promote fairness, abolish the tax code

As we approach another year’s tax filing deadline, let’s take a moment to marvel at just how silly the tax code has become. In its zeal to maximize revenue while advancing the social good, Congress has created a code that produces huge unintended consequences: it favors corporations over charities, subsidizes conspicuous consumption by the wealthy, […]

Tax code

To promote fairness, abolish the tax code

April 13, 2022 To promote fairness, abolish the tax code Posted at 10:42am in the comments posted by David Ridenour As we approach another year’s tax filing deadline, let’s take a moment to marvel at just how silly the tax code has become. David Ridenour In its zeal to maximize revenue while advancing the social […]

Tax laws

The Wayfair Decision: How Technology Is Changing State Tax Laws

E-commerce, Taxes • By Sandra F. O’Neill • April 13, 2022 The decision of the Supreme Court of the United States in South Dakota vs. Wayfair, Inc. 138 S.Ct. 2080 (2018) has changed the way businesses think about state tax compliance. In Wayfair, the Court upheld a South Dakota sales tax law that required out-of-state […]

Tax deductions

11 tax deductions to help small business owners reduce their taxes

Tax planning can help you maximize the tax deduction you get as a small business owner. … [+] Thus reducing the taxes of your small business. Getty Filing your taxes is one of the least exciting parts of owning your own business. However, your small business taxes can be extremely painful without proactive tax planning. […]

Tax deductions

Understanding before and after tax deductions from your salary

GaryPhoto/Getty Images/iStockphoto Everyone loves payday, but seeing your gross income, i.e. what you earned, lined up next to your net income, i.e. what you need to keep, can make it a little sweet and sour. Good to know: unplug those appliances that are driving up your electricity billSee: What income level is considered middle class […]

Tax deductions

What are the best tax deductions for SMEs in 2022?

Tax season has been quite different in 2021 compared to previous years. Due to circumstances in 2020, the IRS has extended the deadline for filing and paying taxes to May 17 for individuals – including sole proprietors and sole proprietorships, small businesses. However, the questions that arise during tax time remain, and one of the […]

Tax laws

‘Al Capone’ tax laws proposed to fight tax evasion

Billy Begas House Ways and Means Committee Chairman Joey Salceda has called for the passage of “Al Capone” tax laws, or laws that will impose stiffer penalties on people who have committed tax evasion. Salceda said he will study the enactment of tax laws that would impose much higher taxes on illegally apprehended accrued income […]

Tax laws

‘Al Capone’ tax laws proposed to fight tax evasion

Billy Begas House Ways and Means Committee Chairman Joey Salceda has called for the passage of “Al Capone” tax laws, or laws that will impose stiffer penalties on people who have committed tax evasion. Salceda said he will study the enactment of tax laws that would impose much higher taxes on illegally apprehended accrued income […]

Tax laws

‘Al Capone’ tax laws proposed to fight tax evasion

Billy Begas House Ways and Means Committee Chairman Joey Salceda has called for the passage of “Al Capone” tax laws, or laws that will impose stiffer penalties on people who have committed tax evasion. Salceda said he will study the enactment of tax laws that would impose much higher taxes on illegally apprehended accrued income […]

Tax deductions

Charitable donation offer with income tax deductions

Editor’s note: This article was originally published on December 8, 2021. Find more USA TODAY tax season coverage here. Charitable giving this holiday season takes on a new, happier meaning when it comes to tax deductions. Generally, most people cannot get tax relief when giving money to charity if they claim the standard deduction on […]

Tax laws

‘Al Capone’ tax laws proposed to fight tax evasion

Billy Begas House Ways and Means Committee Chairman Joey Salceda has called for the passage of “Al Capone” tax laws, or laws that will impose stiffer penalties on people who have committed tax evasion. Salceda said he will study the enactment of tax laws that would impose much higher taxes on illegally apprehended accrued income […]

Tax code

Martin Lewis urges workers to check their tax code after NI jump

Money-saving expert Martin Lewis has warned millions of workers to check their tax code is correct or they could lose thousands of pounds. HMRC uses your tax code to determine the amount of your monthly salary. It is made up of numbers and letters that tell your employer or pension fund what tax to withhold. […]

Tax laws

Tax Cuts and Jobs Act to Amend Gift and GST Tax Laws

The Tax Cuts and Jobs Act (the “Act”), signed into law on December 22, 2017, significantly increased the federal estate, gift, and generation transfer tax exemption amounts. These increases may present planning opportunities for individuals and families. Under the previous law, a person could make combined transfers, alive and on death, of up to $5,000,000 […]

Tax deductions

New Cannabis Tax Deductions in New York

New York introduced a sizable tax break for cannabis businesses in its 2022 budget. The revenue bill included a state tax deduction for cannabis-related business expenses that are currently prohibited by law. section 280E of the federal tax code. We’ve seen this strategy in other ‘cannabis-friendly’ states and it’s a welcome development. Under the proposed […]

Tax deductions

5 often overlooked tax deductions and credits (video)

Only 1 out of 5 declarants claim an unknown tax credit called Crédit d’Epargne (Credit for Contributions to Retirement Savings). There are others too. 5 Often Overlooked Tax Deductions Earned income tax credit Savings loan Caring for a friend or relative Camp or sports camp Education expenditure Chart: Tax Tip of the Day: 5 Often […]

Tax laws

Solon says it might be time to review tobacco tax laws and anti-smuggling measures

BoC A SOLON said on Thursday it might be time to reassess the country‘s tobacco tax law alongside government review‘s against smuggling. “Is there an overtaxation, to the point where we actually reward the smugglers, because of the huge taxation?” PBA party slate representative Jericho Jonas B. Nograles said in a mix of English and […]

Tax laws

EU challenges tax laws in Germany and Spain

By Todd Buell (April 6, 2022, 11:23 a.m. EDT) — The European Union’s executive arm on Wednesday challenged tax laws in Germany and Spain, saying that part of Germany’s withholding tax law and the Spanish tax payment system violates EU law. The European Commission has announced that it is sending a formal notice to Germany […]

Tax laws

EU challenges tax laws in Germany and Spain

By Todd Buell (April 6, 2022, 11:23 a.m. EDT) — The European Union’s executive arm on Wednesday challenged tax laws in Germany and Spain, saying that part of Germany’s withholding tax law and the Spanish tax payment system violates EU law. The European Commission has announced that it is sending a formal notice to Germany […]

Tax code

Using machine learning to crack the tax code – Tax

Canada: Using machine learning to crack the tax code 06 April 2022 Blue J Legal To print this article, all you need to do is be registered or log in to Mondaq.com. In this first installment of Blue J Predicts on Tax Notes for 2022, we take stock of the inaugural year […]

Tax deductions

Sales tax among frequently missed tax deductions | Rogersville

A sales tax deduction is one of the frequently missed deductions for states that do not impose income tax. States with no income tax include Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. There are two ways to claim the state sales tax deduction on your return. You can keep your […]

Tax code

Addressing Inequality Through the Colorado State Budget and Tax Code

It has now been two years since the COVID-19 pandemic upended the world as we knew it. In Colorado, hospitalizations finally reached a historically low, allowing a moment to step back and reflect on the bigger picture. There may be no better time for this than when state lawmakers are considering Colorado’s spending priorities for […]

Tax laws

New tax laws for investments in 2022

Colorado revised its state tax code in 2021, and many of the changes will impact investors. Additionally, the federal government has adjusted various tax laws in response to inflation and the pandemic, so the tax landscape may be quite different from a year ago. Read on to learn how the changes affect Colorado investors, business […]

Tax deductions

8 of the Most Overlooked Tax Deductions and Credits

MadameNoire Featured Video Source: valentinrussanov/Getty Tax laws are constantly changing. It’s hard to keep track of what you can deduct, what you must report, and all the other moving parts of the daunting process that is filing taxes. During the last years, CNBC reports that Americans took significantly fewer itemized deductions compared to 2017 and […]

Tax regulations

Crypto Trader Profiles Change With New Tax Regulations

Indian crypto exchanges expect to see a different profile for crypto traders after the government announced a new 1% TDS tax on every crypto exchange, a 30% tax on winnings and other rules which will come into effect from July 1. Rather than young, high-volume crypto traders, HNIs should take a bigger slice of the […]

Tax deductions

COVID-related tax deductions to know

Parade.com has an extensive editorial partnership with the Cleveland Clinic, consistently named one of the nation’s best hospitals in US News & World Report’s annual “America’s Best Hospitals” survey. Click here to learn more about our health reporting policies. Coping with the physical symptoms of COVID can be hard enough, but living with and recovering […]

Tax regulations

The Profile of Crypto Investors Changes as Tax Regulations Go Into Effect

Mumbai: Younger investors who drove the country’s cryptocurrency boom appear to be liquidating their positions under new tax rules, to be replaced by high net worth individuals (HNIs) as a key investor segment on crypto exchanges. Exchanges said several young investors who were making money from high trading volumes, including many from smaller towns and […]

Tax code

How a saint became part of the tax code, forever changing American philanthropy

This tax season, Americans have an unexpected number to thank for one of their most used deductions. She was not an accountant, a lawyer or even a politician, but a real saint. St. Katharine Drexel is well known as a pioneering figure of the early 20th century, championing the needs of Native Americans and Black […]

Tax deductions

Electronic Merchant Systems releases guide to tax deductions for small businesses

Cleveland, Ohio- Cleveland, OH-based Electronic Merchant Systems (EMS) recently published a blog post where they discuss some of the best tax deductions for small businesses. Tax season can be a very difficult time for anyone, especially small business owners. Many aren’t fully aware of the best way to approach taxes, and that’s what the Electronic […]

Tax laws

Appleton restaurant owner pleads guilty to violating tax laws and ‘skimmed’ $800,000

APPLETON, Wis. (WFRV) – The owner and operator of a pizzeria in Appleton has pleaded guilty to violating federal tax laws by skimming earnings to pay employees “under the table.” Court filings show that Paul Vanderlinden, 42, pleaded guilty to violating federal tax laws. He pleaded guilty to willfully filing a false tax return and […]

Tax laws

Appleton restaurant owner pleads guilty to violating federal tax laws | USAO-EDWI

United States Attorney Richard G. Frohling announced that on March 25, 2022, Paul R. Vanderlinden (age: 42) of Appleton, Wisconsin pleaded guilty in federal court in Green Bay to deliberately filed a false tax return and failed to honestly account for and pay payroll taxes to the Internal Revenue Service. According to court documents, Vanderlinden, […]